ARGA Investment Management LP Acquires Shares of 101,399 Alight, Inc. (NYSE:ALIT)

ARGA Investment Management LP purchased a new stake in shares of Alight, Inc. (NYSE:ALIT - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 101,399 shares of the company's stock, valued at approximately $750,000.

Several other institutional investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its position in shares of Alight by 7.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 224,584 shares of the company's stock worth $2,213,000 after acquiring an additional 15,287 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Alight in the first quarter worth approximately $571,000. Wedge Capital Management L L P NC raised its stake in shares of Alight by 15.1% in the second quarter. Wedge Capital Management L L P NC now owns 584,574 shares of the company's stock worth $4,314,000 after purchasing an additional 76,485 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Alight by 65.3% in the second quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company's stock valued at $55,000 after purchasing an additional 2,961 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Alight by 100.9% during the second quarter. Bank of New York Mellon Corp now owns 3,575,167 shares of the company's stock valued at $26,385,000 after buying an additional 1,795,830 shares during the last quarter. Institutional investors and hedge funds own 96.74% of the company's stock.

Analyst Upgrades and Downgrades

ALIT has been the topic of several recent analyst reports. Wedbush dropped their price objective on Alight from $12.00 to $10.00 and set an "outperform" rating on the stock in a research note on Thursday, August 8th. Canaccord Genuity Group boosted their price target on shares of Alight from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. lowered shares of Alight from an "overweight" rating to a "neutral" rating and set a $8.00 price objective for the company. in a research note on Tuesday, August 20th. KeyCorp boosted their target price on Alight from $10.00 to $11.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Finally, Citigroup decreased their price target on Alight from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $10.95.

Alight Stock Performance

ALIT stock traded up $0.01 during midday trading on Friday, reaching $8.00. 1,701,393 shares of the company's stock traded hands, compared to its average volume of 6,709,467. The firm has a market capitalization of $4.34 billion, a PE ratio of -16.67 and a beta of 0.87. The company has a 50-day moving average price of $7.41 and a two-hundred day moving average price of $7.37. Alight, Inc. has a 52 week low of $6.15 and a 52 week high of $10.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30.

Alight (NYSE:ALIT - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, meeting analysts' consensus estimates of $0.09. The firm had revenue of $555.00 million during the quarter, compared to analyst estimates of $538.39 million. Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. The business's revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 EPS. As a group, equities analysts anticipate that Alight, Inc. will post 0.47 EPS for the current year.

Alight Announces Dividend

The company also recently disclosed a -- dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.04 per share. The ex-dividend date is Monday, December 2nd.

Insiders Place Their Bets

In other Alight news, insider Gregory A. George sold 84,929 shares of the business's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $7.60, for a total value of $645,460.40. Following the transaction, the insider now owns 223,327 shares in the company, valued at approximately $1,697,285.20. The trade was a 27.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William P. Foley II sold 5,000,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the sale, the director now owns 883,323 shares of the company's stock, valued at approximately $7,287,414.75. This represents a 84.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.33% of the stock is currently owned by insiders.

About Alight

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.